By: David Prosser 16/03/2018 Post a Comment Pension products are complex and there is no easy way to compare deals.Although picking a drawdown product is far from straightforward, there are as yet no comprehensive online comparison tools to help with the decision. The goal of such tools would be to protect those converting their savings into retirement income, and to encourage competition between providers, according to financial regulator the Financial Conduct Authority, which is working on plans to make such services available. Progress is long overdue. Almost three years after the pensions-freedom reforms made it easier for savers to draw an income directly from their savings in retirement, rather than buying an annuity, drawdown plans are hugely popular. But while more than three-quarters of people reaching retirement now opt for some form of drawdown, less than a third of them are taking independent financial advice before choosing a provider. The Association of British Insurers (ABI), which numbers many drawdown providers among its members, said last summer that it was working on an online comparison tool. But so far it hasn’t been able to get it up and running, with insurers nervous about how to balance the need to offer a… Read full this story
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